By Mary Hightower
Corn futures got a lift from this month’s World Agricultural Supply and Demand Estimate from the U.S. Department of Agriculture, which also forecast the highest soybean prices since the 2023/24 marketing year.
WASDE is a monthly report that forecasts the global and U.S. supply, demand and price for major agricultural commodities. It serves as the global benchmark for agribusinesses, farmers, and traders to make production, trading, and pricing decisions.
Ending stocks, or what’s left of a commodity after accounting for production, imports and demand, are a key part of the report. The report looks at “old crop” supplies — previously harvested and stored commodities — and “new crop” supplies — crops currently being grown that have not yet been harvested.
Crop marketing years, often expressed by a range of years such as 2023/24, vary by commodity. The current crop marketing year for corn and soybeans is 2026/27.
“USDA’s adjustments to the old and new crop balance sheets were price-friendly to the grains, with ending stocks coming in slightly below pre-report expectations,” said Scott Stiles, extension economics program associate for the University of Arkansas Division of Agriculture.
Source : uada.edu